More details are emerging about Sean Fitzpatrick and the loans he received when chairman of Anglo Irish Bank. RTÉ notes the Irish Times report on the loans from Irish Nationwide while the original report adds this on debt and credit ratings
The new details about Mr FitzPatricks loans emerged as Irish Nationwide had its debt rating an indication of its ability to repay its borrowings downgraded by two notches to one level above speculative or junk status yesterday. A drop to junk status would stop many large companies investing in the building societys bonds.
International credit rating agency Moodys also reduced Irish Nationwides rating to a level representing modest financial strength, potentially requiring some outside support at times. The agency said the outlook for the building society was negative, meaning it may downgrade the lenders ratings again soon.
Update RTÉ reports that the Chairman of Irish Nationwide, Dr Michael Walsh, has resigned unexpectedly.